Copper prices dropped to a 14-week low after a report showed demand for durable goods in August tumbled by a record in the US, the world’s second-biggest consumer of the metal.
The orders for items meant to last at least three years plunged more than 18% after surging almost 23% in the prior month, government data showed today. Aluminum, tin, nickel, lead and zinc dropped in London, while the dollar climbed to the highest since June 2010 against a basket of 10 currencies, eroding the investment appeal of commodities.
On Thursday, September 25, the day’s biggest mover was the Japanese copper cash price, which saw a 1.8% decline to JPY 767,000 ($7,017) per metric ton. After a 0.5% increase, the price of US copper producer grade 110 finished the day at $3.76 per pound. The price of US copper producer grade 122 rose 0.5% to $3.76 per pound. At $3.95, the price of US copper producer grade 102 finished the market day up 0.5% per pound.
Chinese copper prices were mixed for the day. After falling for two days, the price of Chinese copper bar rose 0.3% to CNY 49,550 ($8,074) per metric ton. The Chinese copper cash price rose 0.3% to CNY 49,750 ($8,107) per metric ton after a two-day drop. The price of Chinese copper wire was unchanged at CNY 50,395 ($8,212) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 44,300 ($7,219) per metric ton for the fifth day in a row.
On the LME, the cash price of primary copper declined 0.7% to $6,750 per metric ton. The copper 3-month price saw a 0.5% decline on the LME to $6,714 per metric ton.